The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner, if they have one, are in receipt of Child Benefit for the year.
The current regime for taxing employer provided cars (commonly referred to as company cars) is intended:
• to encourage manufacturers to produce cars which are more environmentally friendly and
• to give employee drivers and their employers a tax incentive to choose more fuel-efficient and environmentally friendly vehicles.
We set out below the main areas of importance.
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With less than a month to go it is time to prepare for the end of the Brexit transitional period.
Whilst the United Kingdom officially left the European Union (EU) on 31 January 2020, this prompted the start of an 11-month transitional period during which time the UK remains part of the Single Market, the EU Customs Union and the VAT Territory. The UK will leave the EU VAT Territory on 31 December 2020.
Since the onset of the coronavirus pandemic, many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans.
Chancellor Sunak received widespread praise for his business support measures introduced following the onset of the coronavirus pandemic. Many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans.
Chancellor Rishi Sunak presented a Summer Economic Update on Wednesday 8 July 2020. In his speech he stated that the government has taken decisive action to protect the UK economy but people are anxious about losing their job and the rise in unemployment.
Chancellor Rishi Sunak has pledged a £750 million package to help charities during the COVID-19 pandemic.
Sunak announced the measure last night in an attempt to address concerns that some charities are facing collapse.
As part of the scheme, £370m will go to small local charities that are working with vulnerable people during the coronavirus crisis.
An increasing number of businesses are planning to furlough staff over the next week, according to the British Chambers of Commerce (BCC).
The coronavirus job retention scheme enables employers to obtain grants to cover up to 80% of furloughed workers' wages, up to £2,500 a month.